Bonk Price Prediction Following Meme Coin Sector’s Recovery – Can BONK Reach $1?

cryptonews.com:

The Bonk price has jumped by 9% today, surging to $0.00001171 as the cryptocurrency market as a whole gains by 2.5% in the past 24 hours.

This means that BONK is now down by 1.5% in a week and by 26% in the last 30 days, falling as part of a market-wide sell-the-news reaction to recent Bitcoin ETF approvals.

Yet the coin remains up an impressive 1,000% in the past year, underlining how strongly it performed in late 2023, as it became a vehicle for whales.

And with meme coins often benefitting disproportionately whenever the market recovers and rallies, the next few weeks could be big for BONK.

It seems that, after an extended period of losses, BONK may have just begun a process of recovery, at least judging by indicators.

For example, its RSI (purple) has begun climbing steadily after falling just below 40 earlier in the week,

Given that the RSI had been subdued for around a month, it now seems that this rise signals a renewal of momentum.

BONK’s 30-day average (yellow) is also showing improved signs, given that it had been falling towards the 200-day (blue) but has now flattened out.

It’s also highly likely that the coin’s current price will overtake the 30-day average very soon, forming a bullish cross that often signals further gains.

Having said that, trading volume remains low, at around $68 million, so there remains a chance that today’s modest improvements don’t continue for much longer.

It’s also worth pointing out that few whales have been accumulating BONK in recent weeks, suggesting a loss of interest in the token.

But as we’ve reported before, one whale continues to sit on a kitty of around 314.8 billion BONK, worth about $3.3 million.

This smart trader who made ~$6.9M on $BONK spent 386 $SOL($40K) to buy 3.29B $BONK